The owner of the Helmut Jahn-designed building missed paying off a $23.5 million loan that came due on May 1. The building is controlled by a joint venture led by General Investment and Development Cos. Occupancy has dropped by at last one third since the company purchased the building in 2006.
An affiliate of Allstate Life Insurance Co. filed the foreclosure complaint on May 16 in DuPage County Circuit Court. The filing in court means that no foreclosure help is forthcoming for General Investment.
The 10-story building, which resembles the letter N, was built in 1986 and is visible from the East-West Tollway. Many feel that the building is an unofficial insignia for the city of Naperville.
The most notable tenant departure is from Minneapolis developer Ryan Cos, who once leased an entire floor at MetroWest. The company moved in November 2010 to a building it developed for Delta Dental of Illinois. Bus operator Laidlaw Transit Inc. and Veolia Water North America Operating Services Inc. have also left.
Currently the building is 30% vacant, according to real estate data provider CoStar Group Inc. The largest remaining tenant in MetroWest is Dun and Bradstreet, who leases approximately 26 percent of the building.
The suburban office market is suffering from high unemployment rates, prompting tenants to downsize office space. Other tenants move to other buildings that offer low rents. The trickle down effect is causing landlords to struggle with making monthly loan payments or refinance loans when they mature.
If you are seeking legal assistance with a short sale or foreclosure, contact a Chicago short sale attorney to help with your situation.